Financial Statements — SER
Balance Sheet
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 23.02 | 24.53 | 8.62 | 6.04 | 4.27 | 3.19 | 6.06 | 8.71 | 0.40 | 0.26 | 0.28 | 0.47 | 0.70 | 0.45 | 0.73 | 0.62 | 0.81 |
| Accounts Receivable | -- | -- | -- | -- | -- | -- | -- | 0.07 | 0.07 | 0.01 | 0.01 | 0.00 | 0.01 | 0.03 | 0.02 | 0.01 | 0.05 |
| Total Current Assets | 25.03 | 26.47 | 11.50 | 7.99 | 5.75 | 5.42 | 8.92 | 8.94 | 1.14 | 1.35 | 1.75 | 1.19 | 1.73 | 1.83 | 1.48 | 1.56 | 2.14 |
| Property, Plant & Equipment | 0.48 | 0.47 | 0.58 | 0.59 | 0.48 | 0.52 | 0.54 | 0.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Intangible Assets | -- | -- | -- | -- | -- | 0.51 | 0.54 | 0.57 | 0.64 | 0.67 | 0.71 | 0.77 | 0.80 | 0.84 | 0.90 | 0.94 | 0.97 |
| Total Non-current Assets* | 0.78 | 0.83 | 0.92 | 0.95 | 0.98 | 2.01 | 1.79 | 1.92 | 11.07 | 10.93 | 10.78 | 0.82 | 0.85 | 0.89 | 0.95 | 0.99 | 1.02 |
| Total Assets | 25.81 | 27.30 | 12.41 | 8.94 | 6.73 | 7.44 | 10.71 | 10.86 | 12.21 | 12.28 | 12.53 | 2.01 | 2.58 | 2.72 | 2.43 | 2.54 | 3.16 |
| Accounts Payable | 1.86 | 2.83 | 2.73 | 1.71 | 1.19 | -- | 1.97 | 4.01 | 1.67 | 0.96 | 1.26 | 0.79 | 0.68 | 1.10 | 0.92 | 1.30 | 1.20 |
| Total Current Liabilities | 3.76 | 6.34 | 8.79 | 3.56 | 2.35 | 13.51 | 12.63 | 14.06 | 3.20 | 24.51 | 22.53 | 8.81 | 9.09 | 10.10 | 6.60 | 5.27 | 3.93 |
| Long-term Debt | -- | -- | -- | -- | -- | 11.16 | -- | -- | -- | -- | -- | 15.65 | -- | -- | -- | -- | -- |
| Total Non-current Liabilities* | 3.32 | 3.33 | 2.03 | 3.73 | 2.82 | 7.75 | 14.47 | 1.11 | 0.69 | 10.07 | 10.01 | 8.35 | 6.76 | 4.21 | 5.81 | 5.56 | 5.33 |
| Total Liabilities | 7.08 | 9.67 | 10.82 | 7.30 | 5.17 | 21.26 | 27.10 | 15.17 | 3.90 | 34.57 | 32.54 | 17.16 | 15.84 | 14.31 | 12.41 | 10.84 | 9.26 |
| Retained Earnings | (76.75) | (70.40) | (60.16) | (55.58) | (49.13) | (21.77) | (23.18) | (5.43) | (127.56) | (122.16) | (119.49) | (113.51) | (111.07) | (108.45) | (103.59) | (101.63) | (99.16) |
| Total Stockholder Equity* | 18.73 | 17.63 | 1.76 | 1.80 | 1.70 | (13.77) | (16.36) | (4.31) | (27.54) | (22.17) | (19.89) | (15.10) | (13.22) | (11.55) | (9.94) | (8.25) | (6.06) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 0.00 | -- | 0.00 | 0.00 | 0.13 | 0.00 | (0.01) | 0.01 | 0.05 | 0.01 | 0.06 | 0.07 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 |
| Cost of Revenue | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.00 | 0.03 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.06 | 0.03 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.00 | 0.03 | 0.02 |
| Research & Development | 3.82 | 3.20 | 3.40 | 3.65 | 3.15 | 2.95 | 2.37 | 2.42 | 1.59 | 1.11 | 0.18 | 0.22 | 0.16 | 0.17 | 0.21 | 0.16 | 0.26 | 0.40 | 0.38 | 0.28 |
| Selling, General & Admin | 2.97 | 3.08 | 2.81 | 2.74 | 2.54 | 2.91 | 3.17 | 2.91 | 2.32 | 1.22 | 3.43 | 2.17 | 1.73 | 1.99 | 1.58 | 1.39 | 1.34 | 1.66 | 1.52 | 1.42 |
| Total Operating Expenses* | 6.78 | 6.28 | 6.21 | 6.39 | 5.70 | 5.86 | 5.54 | 5.33 | 3.92 | 2.33 | 3.62 | 2.39 | 1.89 | 2.17 | 1.79 | 1.55 | 1.60 | 2.06 | 1.89 | 1.70 |
| Operating Income | (6.78) | -- | (6.21) | (6.39) | (5.56) | (5.86) | (5.55) | (5.31) | (3.87) | (2.32) | (3.49) | (2.36) | (1.89) | (2.16) | (1.78) | (1.55) | (1.59) | (2.05) | (1.87) | (1.67) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.10 | (0.03) | 3.04 | 0.79 | 1.10 | 0.98 | 0.92 | -- | -- | -- | -- |
| Pretax Income | -- | (6.89) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 18.26 | (2.44) | (2.62) | (2.71) | (2.26) | (1.95) |
| Tax Provision | -- | 0.01 | -- | -- | -- | -- | 0.00 | -- | -- | -- | -- | 0.00 | 0.00 | 0.00 | -- | -- | -- | -- | -- | 0.00 |
| Net Income | (6.36) | (6.90) | (3.34) | (4.58) | (6.45) | (4.81) | (8.32) | 1.41 | 5.20 | (9.44) | (3.46) | (5.40) | (2.67) | (3.28) | (2.70) | (2.43) | (2.62) | (2.71) | (2.16) | (1.95) |
| Basic EPS | (0.55) | (0.58) | (0.31) | (0.45) | (0.66) | (0.49) | 1.10 | 0.16 | 0.61 | (3.38) | (13.42) | (0.14) | (0.07) | -- | (0.08) | (0.06) | (0.07) | (0.07) | -- | -- |
| Diluted EPS | (0.55) | (0.58) | (0.31) | (0.45) | (0.66) | (0.49) | 1.23 | 0.13 | 0.51 | (3.38) | (13.42) | (0.14) | (0.07) | -- | -- | -- | -- | -- | -- | -- |
* Derived from reported values
Cash Flow Statement
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (6.68) | (4.57) | (6.03) | (3.85) | (3.75) | (4.32) | (4.59) | (2.96) | (8.01) | (1.58) | (2.05) | (1.86) | (2.02) | (1.86) | (1.32) | (1.24) | (1.75) | (1.64) | (1.65) | (1.88) |
| Capital Expenditures | 0.03 | 0.03 | 0.00 | 0.01 | 0.05 | 0.00 | -- | 0.00 | 0.00 | 0.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Free Cash Flow* | (6.71) | (4.59) | (6.03) | (3.86) | (3.80) | (4.32) | -- | (2.96) | (8.01) | (1.59) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Investing Cash Flow | (0.03) | (0.02) | 0.00 | (0.01) | (0.05) | 0.00 | -0.00 | -0.00 | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 | (10.00) | -- | -- | -- | -- | 0.25 | 0.00 |
| Financing Cash Flow | 5.20 | 26.06 | 0.48 | 6.44 | 5.57 | 4.92 | 5.03 | 0.09 | 5.37 | 2.73 | 2.00 | 2.00 | 2.00 | 11.50 | 1.50 | 1.00 | 2.00 | 1.50 | 1.25 | 2.00 |
* Derived from reported values